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EURUSD bounces off 8-month low; downtrend intact

From xm.com

{video}EURUSD has been in a steady retreat after peaking at the 18-month high of 1.1275 on July 18, generating a series of lower highs and lower lows. Even though the pair managed to find its feet at the eight-month bottom of 1.0487, the bearish short-term structure remains in place. Should the bears attempt to push the price lower, the March bottom of 1.0515 could prove to be the first barrier for the pair to clear. A violation of that floor could pave the way for the recent eight-month low of 1.0487. Piercing through that region, the price might then slide towards the November 2022 support zone of 1.0289. On the ... (full story)

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  • Category: Technical Analysis